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Home Loan Refinance Calculator

Calculate how much you can save by refinancing

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Collectively, we estimate Aussies wasted around $50 billion on inflated interest rates. No wonder the majors are clocking up multi-billion dollar profits every year.”

Paul MarshallCEO RateCity

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Refinance calculator

The refinance calculator is a great tool to help you calculate how much you can save when switching your home loan.

Using the calculator, you can calculate your potential savings based on three different goals:

1. Pay less every month

If you simply want to pay less each month, the refinance calculator allows you to enter your current monthly repayment, outstanding loan amount and current interest rate, to work out the following: 

  • Current loan term: The length of time it will take to finish paying off your current home loan.
  • Cheaper loans: Alternative home loans with cheaper monthly repayments.
  • Saving calculation: A lot of people who are considering switching their home loan want to know how much they will save over time. Using the refinance calculator, you can define a time frame (e.g. 3 years) and calculate your total savings over that time frame (e.g. how much you will save in 3 years by switching).

2. Pay your home loan quicker

If your goal isn't to pay less each month, but to pay off your home loan more quickly, refinancing can still be a great option for you. Under this saving goal, the refinance calculator keeps your current monthly repayment fixed. When you switch to a loan with lower repayments, the extra savings goes towards paying off your loan principal. Therefore, while you are paying the same amount each month, a bigger portion of your payment goes towards your loan's principal rather than the interest charges, thus paying off your home loan quicker.

Saving Calculation

Paying your home loan quicker means you can save a lot of money in interest charges. When you set your goal to "Pay off my loan faster", the refinance calculator will show how much you'll save on interest charges in total.

3. Get cash out

Sometimes refinancing is a great way to save on a loan. If you're looking into consolidating debt, renovating your place, or just accessing some cash from your home loan, refinancing could be a great way to obtain that money. While interest rates for personal loans can range between 10% to 20%, a home loan interest rate could be less than 4%. If the value of your property has gone up since you took out your home loan, you may be able to refinance and access some of these capital gains as cash.

Cash Out & Monthly Repayment

When selecting "cash out" as a refinance goal, the calculator will allow you to enter the amount of money you want to access with your home loan, and show you how much you'll be paying each month towards this new home loan amount.

Please Note

It is important to note that while mortgage interest rates tend to be much lower compared to those of personal loans, since home loans stretch out over a much longer period of time, comparing personal loans to home loans is like comparing apples to oranges.

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